HomeMy WebLinkAbout114 - 10/21/2008 - APPROPRIATING DOWNTOWN DEVELOPMENT AUTHORITY OPERATING FUNDS AND FIXING THE MILL LEVY FOR FISCAL YEA ORDINANCE NO. 114, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING DOWNTOWN DEVELOPMENT AUTHORITY
OPERATING FUNDS AND FIXING THE MILL LEVY FOR FISCAL YEAR 2009
WHEREAS,the Fort Collins Downtown Development Authority(the"DDA")has been duly
organized in accordance with Section 31-25-804, C.R.S.; and
WHEREAS, on September 11, 2008, the DDA Board of Directors (the "DDA Board"),
acting under the provisions of Section 31-25-816, C.R.S., adopted a budget for the fiscal year
beginning January 1, 2009, and determined the mill levy necessary to provide for payment during
fiscal year 2009 of all properly authorized expenditures to be incurred by the DDA; and
WHEREAS, it is the desire of the Council to appropriate the sum of FORTY EIGHT
MILLION, SEVEN HUNDRED TWENTY THOUSAND,FIVE HUNDRED SEVENTY SEVEN
DOLLARS ($48,730,577) in the DDA Operation and Maintenance Fund and Beet Street Fund for
the fiscal year beginning January 1, 2009 and ending December 31, 2009, to be used as follows:
DDA Projects from anticipated bond proceeds $47,247,566
DDA Operations & Maintenance 946,423
Beet Street revenue and undesignated reserves 526,588
WHEREAS,the DDA Board has recommended to the Council a mill levy of 5.0 mills upon
each dollar of assessed valuation of all taxable property within the DDA District, such levy
representing the amount of taxes for DDA purposes necessary to provide for payment during the
ensuing fiscal year for all properly authorized expenditures to be incurred by the DDA; and
WHEREAS,Section 39-5-128(1), C.R.S.,requires certification of any tax levy to the Board
of County Commissioners no later than December 15, 2008.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS, as follows:
Section 1. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of NINE HUNDRED FORTY
SIX THOUSAND,FOUR HUNDRED TWENTY THREE DOLLARS($946,423),to be expended
for the authorized purposes of the DDA.
Section 2. That there is hereby appropriated for expenditure from the Downtown
Development Authority Operations and Maintenance Fund the sum of FORTY SEVEN MILLION,
TWO HUNDRED FORTY SEVEN THOUSAND, FIVE HUNDRED SIXTY SIX DOLLARS
($47,247,566), to be raised by bond proceeds anticipated to be issued in 2009.
Section 3. That there is hereby appropriated for expenditure from the Beet Street Fund
the sum of FIVE HUNDRED TWENTY SIX THOUSAND, FIVE HUNDRED EIGHTY EIGHT
DOLLARS ($526,588),to be expended for the authorized purposes of Beet Street.
Section 4. That the 2009 mill levy rate for the taxation upon each dollar of the assessed
valuation of all taxable property within the DDA District as of December 31,2008 shall be 5.0 mills,
which levy represents the amount of taxes for the District purposes to provide for payment during
the aforementioned fiscal year of all properly authorized expenditures to be incurred by the District,
and said mill levy shall be certified to the County Assessor and the Board of County Commissioners
of Larimer County, Colorado, by the City Clerk as provided by law.
Introduced, considered favorably on first reading, and ordered published this 7th day of
October, A.D. 2008, and to be presented for final passage on th t day of October, A.D. 2008.
J
May
ATTEST: 1
Chief Deputy City Clerk
Passed and adopted on final reading on the 21 st day of t ber, A.D. 2008.
ay
ATTEST:
i
City Clerk